Oddbean new post about login | logout Don't let the price mania distract you from the speed bumps that are lying on the road ahead. All of the bullish fervor could quickly turn into existential dread if the Treasury has its way. https://tftc.io/bitcoin-price-surge-treasury-regulations-impact-analysis/
Much needed reality check. This is responsible journalism. Thank you
The onslaught has only just begun. Next Up: IRS guidance/regs on custody-ing BTC in your qualified account (IRA, SoloK, etc). Tried to talk to your OnRamp CEO about such things while vetting em as a possible partner/solution for this issue...but got dismissive nonsense in return. Apparently thinking through these attack vectors "is merely mental masturbation" or "complexity is the enemy of security". That was only after ya'll spent 20min discussing multi-jurisidictional options the on the launch announcement. Very disappointing. What gives?
This will backfire. Outlawing good people for what most people perceive as “harmless” action brings attention to the corruption of the system they’ve built in Washington and New York. I - for one - welcome them trying to not only pass but enforce these tyrannical policies. Pretty confident that - over time - the good guys win. It might get bumpy but unwinding the monstrosity the Treasury and Federal Reserve have built never was going to be clean.
Great read Marty, thanks
They want to KYC the whole network. Any centralized party is vulnerable and will be forced to comply. We will have KYC miners refusing to include transactions from "unverified" UTXOs. Decentralized and offshore miners will slowly outcompete the IRS compliant ones.
